WOBURN, Mass. – Members Mortgage Co. is spinning off its in-house online origination system as a separate company, MortgageClick (www.mortgageclick.biz.) The system is powered by the Prime Alliance Solutions program, which combines Fannie Mae's automated system, Desktop Underwriter, with a Web-based processing platform from Dexma, a Minnesota-based mortgage technology provider. "Every credit union can benefit from the Prime Alliance system," said Joe Zampitella, president of Members Mortgage. "But most credit unions can't easily afford the $50,000 up-front investment required to acquire the program, plus the sizable ongoing costs of programming and maintaining the system. Members Mortgage has made that investment and is making the Prime Alliance program available to credit unions through MortgageClick." Members Mortgage Co. provides residential mortgages and mortgage services to credit unions and their members. Prime Alliance is a CUSO created by Boeing Employees Credit Union of Seattle and Dexma, based in Edina, Minn. Zampitella said MortgageClick will have its own management team. Dan Hanlon will be chief operating officer. Since joining Members Mortgage eight years ago, his assignments have included helping credit unions develop and expand their mortgage departments. Stan Kutzko will be chief information officer. He also has held varied positions at Members. Most recently, he was responsible for integrating Fannie Mae's Desktop Underwriter as a point-of-sale tool for the company. MortgageClick will not originate loans or sell them. It will provide access, training and support to credit unions wanting to use the Prime Alliance system. Credit union members will apply on line through a Web site customized for each individual credit union by MortgageClick. "From start to finish, this is structured as a service the credit union itself is providing," Hanlon said. "This is all about reinforcing the message that credit unions can meet all of their members' financial needs." Credit unions will pay $60 for each transaction processed by MortgageClick, with no requirement that they sell their loans to Members Mortgage or to anyone else. Credit unions can hold the loans they originate in their portfolios if they choose; however, if they decide to sell those Prime Alliance loans at any time, they must sell them to Fannie Mae, Zampitello said. -

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